MEXICO CITY, March 29 (Reuters) - Mexico still faces risks to its sovereign debt credit rating, primarily due to state oil firm Pemex's liabilities and the dependence of public finances on oil revenues, the country's financial stability council wrote in a report issued on Friday.

Delays in the ratification and implementation of the new North American free trade agreement, as well as a potential decrease in investment, also pose risks to the country's economic growth, the council said. (Reporting by Sharay Angulo; writing by Julia Love editing by Leslie Adler)